China’s Fosun to Buy Private Bank H&A in Push for German Wealth

Fosun International Ltd., backed by Chinese billionaire Guo Guangchang, will buy German private bank Hauck & Aufhaeuser Privatbankiers KGaA for as much as 210 million euros ($231.6 million) to expand access to the country’s wealthy.

More than 80 percent of Hauck & Aufhaeuser’s shareholders agreed to the offer and the final purchase price will depend on how many accept it, Fosun said in a statement to the Hong Kong stock exchange Wednesday. H&A said a shareholder committee had recommended its owners approve the plan.